Coastal Bridge Advisors LLC Sells 3,342 Shares of Meta Platforms, Inc. (NASDAQ:META)

Coastal Bridge Advisors LLC reduced its position in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 33.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,677 shares of the social networking company's stock after selling 3,342 shares during the period. Meta Platforms accounts for approximately 1.0% of Coastal Bridge Advisors LLC's holdings, making the stock its 25th biggest position. Coastal Bridge Advisors LLC's holdings in Meta Platforms were worth $3,909,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Millstone Evans Group LLC acquired a new position in Meta Platforms in the 4th quarter valued at approximately $40,000. Avondale Wealth Management acquired a new stake in shares of Meta Platforms in the fourth quarter valued at $41,000. WealthTrak Capital Management LLC bought a new stake in shares of Meta Platforms during the fourth quarter valued at approximately $43,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in shares of Meta Platforms during the fourth quarter valued at $45,000. Finally, Cordant Inc. bought a new stake in shares of Meta Platforms during the fourth quarter worth approximately $59,000. 79.91% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

META has been the subject of a number of recent analyst reports. Wedbush upped their price objective on Meta Platforms from $680.00 to $750.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Needham & Company LLC reissued an "underperform" rating on shares of Meta Platforms in a research note on Thursday, May 1st. Rosenblatt Securities upped their target price on shares of Meta Platforms from $846.00 to $918.00 and gave the company a "buy" rating in a research note on Thursday, May 1st. Tigress Financial reissued a "strong-buy" rating on shares of Meta Platforms in a research report on Tuesday, February 11th. Finally, Stifel Nicolaus upped their price objective on shares of Meta Platforms from $628.00 to $655.00 and gave the company a "buy" rating in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, thirty-seven have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $696.45.

Meta Platforms Stock Performance

NASDAQ:META traded down $5.52 during mid-day trading on Friday, reaching $592.49. 10,401,916 shares of the company's stock were exchanged, compared to its average volume of 14,450,792. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.98 and a current ratio of 2.98. The firm has a market capitalization of $1.50 trillion, a PE ratio of 24.77, a price-to-earnings-growth ratio of 1.42 and a beta of 1.24. Meta Platforms, Inc. has a one year low of $442.65 and a one year high of $740.91. The business's fifty day simple moving average is $568.87 and its two-hundred day simple moving average is $604.22.

Meta Platforms (NASDAQ:META - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The social networking company reported $6.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.33 by $1.10. Meta Platforms had a return on equity of 38.17% and a net margin of 37.91%. The business had revenue of $42.31 billion during the quarter, compared to analysts' expectations of $41.45 billion. During the same period in the previous year, the company posted $4.71 earnings per share. The firm's revenue for the quarter was up 16.1% compared to the same quarter last year. Analysts anticipate that Meta Platforms, Inc. will post 26.7 earnings per share for the current fiscal year.

Meta Platforms Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 26th. Investors of record on Friday, March 14th were paid a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a yield of 0.35%. The ex-dividend date of this dividend was Friday, March 14th. This is an increase from Meta Platforms's previous quarterly dividend of $0.50. Meta Platforms's payout ratio is 8.19%.

Insider Transactions at Meta Platforms

In other Meta Platforms news, CTO Andrew Bosworth sold 5,060 shares of the company's stock in a transaction on Saturday, February 15th. The stock was sold at an average price of $736.67, for a total transaction of $3,727,550.20. Following the completion of the sale, the chief technology officer now directly owns 5,139 shares in the company, valued at $3,785,747.13. This represents a 49.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Mark Zuckerberg sold 35,795 shares of the business's stock in a transaction on Monday, February 10th. The stock was sold at an average price of $715.82, for a total value of $25,622,776.90. The disclosure for this sale can be found here. In the last 90 days, insiders sold 155,689 shares of company stock valued at $109,097,842. Company insiders own 13.71% of the company's stock.

About Meta Platforms

Meta Platforms, Inc engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and wearables worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment offers Facebook, which enables people to share, discuss, discover, and connect with interests; Instagram, a community for sharing photos, videos, and private messages, as well as feed, stories, reels, video, live, and shops; Messenger, a messaging application for people to connect with friends, family, communities, and businesses across platforms and devices through text, audio, and video calls; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact privately.